NeuDrive Limited and Cocoon Corporation sign contracts to establish a joint venture in China
To accelerate the industrialisation of OTFT technology in China and its application to flexible displays, sensors and IoT applications, Alderley Park based NeuDrive and Wuhan HQ'ed Cocoon have founded Xinqu Chuangrou Photoelectric Technology Limited in Hubei Province.
NeuDrive will provide intangible assets including patents and know-how with Cocoon providing the financial investment to the company. In addition, with the strong support of Secretary Mr. Xiaoqiang Ding and Mayor Mr. Yuanhe Wang, a significant package of financial assistance has been committed to the project by Xianning City Government and Xinqu Chuangrou’s first OTFT pilot line will be built in Xianning Hi-tech Industrial Park.
With its HQ in Wuhan and manufacturing facilities in Xianning, Hubei Province, the project has received support from the Hubei Provincial Government, Wuhan City Government and Wuhan Industrial Institute for Optoelectronics.
Mr Weiguo Wang, founder and Chairman of Cocoon group has been appointed as Chairman of Xinqu Chuangrou. Dr Linrun Feng, VP of Technology Transfer in Asia for NeuDrive Limited has been appointed as General Manager.
Mr Weiguo Wang said, “I believe that this project will become a model for cooperation between China and the UK, taking advanced technology that has been initially developed in the UK forward for industrialisation in the Chinese market. Cocoon will do everything we can to make sure this project is a success in China.”
Dr. Ray Fisher, NeuDrive’s founder said, “We are delighted to work together with Cocoon to bring our OTFT technology to its next stage – the industrialisation of OTFT technology in China. I strongly believe that this will bring huge success to everyone involved.”